Motorcycle financing

Biking financing and prices

New motorcycles and add-on expenses can add up—you could expect to pay about $16,000 for a new bike.¹ While used motorcycles are less expensive than many larger vehicles, they still cost a significant amount of money. And if you want a high-end brand like a Harley-Davidson, or a bike with particular features, you could easily spend much more. Some specialty bikes cost hundreds of thousands of dollars. Then there's the cost of accessories and upgrades. Just the required safety gear for your new bike could cost $1,300 or more.²

Determining your motorcycle costs

There are a few things to consider when you're deciding how much to spend on a new bike. For starters, consider how invested you want to be in your motorcycle. Those who are new to biking usually spend less, opting for bikes that are in the $5,000 to $10,000 range.² Oftentimes, those are used motorcycles. Experienced riders are more likely to purchase new motorcycles, which may cost $10,000 or more.²

The pros and cons of spending less

There's a balance: You want to buy a bike you'll enjoy riding. If you buy something based solely on how inexpensive it is, you could end up with a motorcycle you're not thrilled about. A motorcycle loan may be a good idea for beginners so you can purchase a bike that's safe, comfortable and fun, and decide if you enjoy the motorcycle lifestyle.*

Motorcycle cost factors

Whether you're shopping for new or used motorcycles, certain factors affect price. Those include:¹

• Brand: Motorcycles tend to range in price depending on the brand. American-made and European are typically the most expensive, while Asian brands are generally less expensive.¹
• Type of motorcycle: In general, the bigger the bike, the more expensive it is. Lightweight dirt bikes are often the least expensive, and cruisers are the most expensive.
• Performance: Bigger engines, more powerful brakes and sport-tuned suspension cost more. Motorcycle engines are measured in cubic centimeters (cc). The smallest bikes have 50cc engines, while performance bikes can have up to 6,500cc engines.³
• Features and accessories: Need saddlebags, an anti-lock braking system (ABS) or a motorcycle trailer? These items will increase the amount you'll pay. Fortunately, with a Synchrony loan you can bundle these costs into your loan at the time of motorcycle purchase.*
• Dealership fees, taxes and shipping costs: The price on the sticker or listing usually doesn't include fees, taxes and shipping. Depending on your state and the bike you're buying, this can add hundreds or thousands of dollars to your costs.

Types of motorcycles

Any experienced biker will tell you that all motorcycles are not created equal. Some motorcycles are designed for speed and agility, while others are shaped for comfort. Three-wheelers are stable and accessible to riders who might not feel comfortable on a traditional motorcycle.

Keep in mind that the type of motorcycle you choose will have a big influence on the price you'll pay. Here's a breakdown of common types of bikes, and how much you can expect to pay for each.¹

Motorcycle safety tips

There are tips that can help keep you safe while you're riding so you can enjoy your ride and feel safe.

Motorcycle training and equipment

First and foremost, it's important to invest in proper training, licensure and safety equipment. Your equipment—especially a quality helmet—is an important safety precaution you don’t want to skimp on. In most states (though not all), riders are required to wear a helmet. It's also a good idea to wear a leather or reinforced jacket, long pants or a suit. Ear and eye protection, gloves and boots can also help keep you safe.⁸

Motorcycle safety kit

A safety kit can cost $1,300 or more.² However, this is not an area where you want to let budget influence your decisions—quality safety equipment is crucial for every adventure. Helmets need to be replaced after any sort of impact, and at least every five years.² So if you're buying a new motorcycle, it’s a good idea to consider safety accessories, and with Synchrony financing you’ll have the option to bundle approved items into your loan at the time of motorcycle purchase.

In addition to investing in high-quality safety equipment and wearing it every time you ride, consider these motorcycle safety tips:⁹

• Get licensed. In most states, you’ll need to pass a safe operator course or road test to obtain a motorcycle license.
• Practice. Know how to operate your motorcycle in rain and other inclement weather conditions, or be prepared to wait until the weather passes to ride home.
• Perform regular maintenance. Make sure your motorcycle is in good operating condition by keeping up with regular maintenance, fluid checks and oil changes. Consider a service plan with your dealer, which you may be able to bundle into your vehicle financing.*

Financing motorcycle accessories

Once you've chosen your bike and your safety gear, the shopping doesn't have to end. In fact, if you want to roll other motorcycle-related expenses into your loan when you purchase your bike and have one monthly payment,* now is the perfect time to pick your accessories.

What accessories do you want? Consider these categories:

• Transportation and storage: A trailer and cover allow you to bring your bike to different places and keep it clean when not in use.
• Comfort upgrades: Personalize your bike with a lower or wider seat, different handlebars, bigger saddlebags or a top box.
• Performance and experience upgrades: Some people love a louder exhaust, while others like a booming stereo. If you finance your accessories, you can have both—plus other upgrades you may want.

Millions of people around the world love riding their motorcycles. Having a motorcycle can give you a much-needed mental break and a new hobby, and it can even save you money at the pump. Motorcycle loans let new riders and hardcore enthusiasts finance the bike, safety equipment and accessories they need to make the most of their new ride.*

Want to finance accessories after purchase? No worries! Another way to get safety equipment and other gear you need is with the Synchrony Outdoors credit card. The Synchrony Outdoors credit card is a financing solution accepted at dealer partners to help you get the powersports parts, services, gear, accessories and even fuel you need to ensure a safe ride.**

To learn more about the Synchrony Outdoors credit card visit synchrony.com/financing/outdoors.

Sources

1. What Is the Average Price of a Motorcycle? Power Sports Guide. Retrieved August 17, 2023
2. (2020, March 20). The Full Cost of Buying a Motorcycle. ATVs and More. Retrieved August 17, 2023
3. What Is the CC on a Motorcycle? How Is It Calculated? Power Sports Guide. Retrieved August 17, 2023
4. Padway, Michael. (2023, March 3) A Beginner’s Guide to Types of Motorcycles. Motorcycle Legal Foundation. Retrieved August 17, 2023
5. Thiel, Wade. (2022, March 11). The Best Touring Motorcycles. [2023 Edition]. Web Bike World. Retrieved August 17, 2023
6. How Much Does a Moped Cost? Motorcycle Zombies. Retrieved August 17, 2023
7. Bradley, Michael. (2023, February 22). Tear It Up With The Top 15 Three-Wheel Motorcycles. Luxe Digital. Retrieved August 17, 2023
8. Motorcycle Safety. NHTSA. Retrieved August 17, 2023
9. Padway, Michael. (2020, April 9). The Ultimate Guide to Motorcycle Safety Gear. Motorcycle Legal Foundation. Retrieved August 17, 2023

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